Estonian State Names Fitek as Exclusive Partner for Invoice Solutions

Fitek, the financial technology company, started as the Republic of Estonia’s sole partner for invoice management solutions. Beginning June 20, Fitek took responsibility for handling the purchase- and sales invoices of Estonian state institutions.

“We are extremely proud of the fact that the Estonian government is now using our new generation mobile web-based invoicing system,” says Fitek’s managing director in Estonia Karl-Eric Schneider. “Our system is fully integrated with SAP accounting program used by state institutions. Thousands of state employees are now able to verify and confirm invoices with just one swipe on their phones.”

Fitek’s solution is now used in a variety of state institutions, from the Supreme Court and Ministry of Foreign Affairs, to the Tallinn Ballet School.

Paper invoices are soon to become obsolete in the Estonian public sector. State institutions handle approximately 400,000 purchase invoices each year. Fitek’s role is to convert invoices to machine-readable format, eliminating the need for manual processing and saving significant man-hours.

The Fitek solution also puts the Estonian government in full compliance with the EU directive which obligates public sector institutions to adopt e-invoicing.

The cooperation with Fitek and LETA will allow the National Library to digitize several million newspapers, books and sheets of music, something the National Library alone would not be able to carry out in such a short time (18 months).

Baltic e-invoicing operator, Fitek, has been admitted into the European E-Invoicing Service Providers Association, being the only Baltic company to achieve this. In cooperation with the association, preparations are being made for the transition to machine-processed e-invoices in 2018.

Fitek, market leader in financial automation processes in the Baltic States have new managing director in Latvia – Edgars Strazds whose professional career up until now was related with the banking sector.